India’s Future Group expects swift regulatory approval of its $3.4 billion deal to sell its retail assets, its chief executive said, even as its warring business partner Amazon.com Inc intensifies efforts to block the deal.
Future and Amazon are at loggerheads over the Indian group’s August deal with Reliance Industries Ltd. The U.S. giant alleges the deal breached some of its pre-existing contracts with Future.
A New Delhi court in December dismissed Future’s request to restrain Amazon’s repeated attempts to get authorities to stall the deal. But the judge left the fate of the transaction with the regulators.
“The court has already given their view that every institution can take a view” on the sale, Future Group founder and CEO Kishore Biyani told Reuters in an interview. “So there is no reason why things should be delayed.”
Amazon declined to comment on Biyani’s remarks. Reliance did not respond to a request for comment.
The Securities and Exchange Board of India (SEBI), the market regulator that has been reviewing the deal for months, did not respond to a request for comment.
SEBI and India’s stock exchanges could still reject or take more time in approving the deal, which is critical for the survival of Future Retail , whose more than 1,700 outlets were hit hard by the COVID-19 pandemic.
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